Budget 2008

Value Added Tax - Budget 2008 - GT

Value Added Tax

Rate %
Standard 17½
Reduced 5
Zero 0
Annual registration and de-registration thresholds
  From 1 April 2008 From 1 April 2007– 31 March 2008
Registration £67,000 £64,000
De-registration £65,000 £62,000
Special schemes maximum annual taxable turnover
Cash accounting scheme £1,350,000 £1,350,000
Annual accounting scheme £1,359,000 £1,350,000
Flat rate schemes* £150,000 £150,000

 

Road fuel scale charge

• New scales for businesses funding road fuel use for private motoring.
• 24 bands with carbond dioxide emission increments of 5g/km ranging from120g/km or less to 235g/km or more.
• VAT element of quarterly scale charges ranging from £27.11 to £63.45.
• Applicable from start of next VAT period beginning on or after 1 May 2008.

Bad debts
  • Output tax reclaimable, input tax repayable after 6 months.
Penalties % of the related tax
Late registration†
  • 9 months late or less
5
  • over 9 and up to 18 months late
10
  • over 18 months late
15
Late payments‡ 2-15
Misdeclaration† 15
Repeated misdeclaration† 15
Civil fraud † 100
Failure to disclose avoidance schemes
  • designated scheme
15
  • notifiable scheme (flat rate penalty)
£5,000

* Separate scheme available for farmers (no turnover limit).
† Mitigation available.
‡ Reliefs available for small businesses with annual turnover up to £150,000.

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